I just received the 2007 Budget in the mail and now can understand why there was a major class action law suit going on. Salary Related Expenses: Housekeeping Maids and Laundry=$1,242, 000Front Desk, Reservations, PBX= $985,000Repairs and Maintenance= $821,00Management, Acctounting, HR $935,000Payroll Taxes and Benefits
$ 727,000. This totals $4,710, 000. Then the expenses show
up: GeneralExpenses: Utilities/Telephone/TV $1,604, 000, Repairs and Maintenance $ 529,000.insurance $327,000Property Taxes $655,000 Operating Expenses and supplies $475,000 Guest supplies / Linen $551,000 Owner Services/Reservations/Communications/Other $798,000. These General Expenses add up to $4,939, 000.
Then Reserves are added into the mix $ 1,500, 000, follwed by Association fee $1,239, 000. (There is no "Association") For a grand total of $ 12,388, 000. How do I spell HIGHWAY ROBBERY? No wonder why ILX can pay a dividend. Just look at these absurd figures, then draw your own conclusions. Without out the above STEALING (Same as Bank Robbery) these crooks could NEVER show a profit on their phony P & L statement. If I were a stock holder I would file a complaint with the SEC for over stating earnings, and therefore, inflating the stock price. (amex) ilx
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